Creating peace of mind through honest and committed management.

July 14, 2015
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Hiroto Tajitsu, Statutory Executive Officer, Head of Administration
Tel: 03-3502-4891

Partial Amendment to Articles of Incorporation
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided at its board meeting today
to submit amendments to its Articles of Incorporation at the Ichigo REIT shareholder meetingscheduled for September 5, 2015. The new Articles of Incorporation will become effective by
resolution at the shareholder meeting.
1. Explanation of the Proposed Amendments
A partial amendment to the Articles of Incorporation is proposed in response to the Tokyo
Stock Exchange-listed Ichigo REIT’s (8975) planned transition from a multi-asset class
REIT to a specialized office REIT, as well as to reflect revisions to laws and regulations andchanges in the structure of the REIT’s asset management fee.
Ichigo REIT ranks number one among all J-REITs for dividend growth as the only J-REIT
that has grown its dividend for ten consecutive terms since the April 2010 fiscal period. The
proposed amendments include a proposal to change Ichigo REIT’s asset management fee
structure to align it more closely with positive shareholder outcomes by linking it directly to
dividends paid to shareholders. Based upon the assumptions of Ichigo REIT’s earnings
forecast for the October 2015 fiscal period, the proposed change in the asset management
fee structure will result in a minimal fee increase (+0.0002), with the impact on Ichigo
REIT’s operating expenses being de minimis and no resulting change to the forecast.
Specific article changes and their reasons are as follows:(a) Ichigo REIT has strategically refocused its portfolio on mid-size office assets. Consistent
with this strategy, Ichigo REIT will transition to a specialized office REIT that focuses on
offices, and the REIT’s name will be changed to Ichigo Office REIT in Article 1.
(b) To make the transition to a specialized office REIT, Article 30 Paragraph 1 will be amended
to state that in accordance with the investment policy of Ichigo REIT, it shall invest in realestate that are mainly used as offices and real estate-backed securities pertaining to such realestate, and omit residential facilities, retail and commercial facilities, and hotels.
At the same time, a new clause will be added to prescribe that the currently owned assetsthat do not meet the new investment policy will be allowed to be held by Ichigo Office
REIT. Also, it will be stipulated that necessary measures will be implemented whenshareholder interest is at risk due to a sudden volatility in the real estate market (in Article
30 Paragraph 1 and 2).
Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

1(c) Provisions in Article 30 Paragraph 4 will be deleted to reflect the amendment of the Act on
Special Measures Concerning Taxation (Ordinance of the Ministry of Finance No.15 of1957, as amended).
(d) Article 31 Paragraph 2 will be amended in accordance to the amendment to Article 3 of theOrdinance for Enforcement of the Act on Investment Trusts and Investment Corporations(Order of the Prime Minister’s Office No. 129 of 2000, as amended). The REIT’s specified
asset has been changed to “real estate” instead of what is currently indicated as “real estate
assets” in accordance to Article 105 Paragraph 1 of the Enforcement Order of the Act on
Investment Trusts and Investment Corporations (Order No. 480 of 2000, as amended,“Order”).
(e) In accordance to the amendments to the definition of specified assets in the Orderreferenced in (d) above, a relevant asset will be added to Article 31 Paragraph 4 Item (8).
(f) Article 37 Paragraph 2 will be amended to reflect the amendment of Act on Special
Measures Concerning Taxation (Act No.26 of 1957, as amended) to enable Ichigo REIT tomake dividend distributions in excess of earnings for the purpose of lowering the REIT’s
tax burden.
(g) Article 39 Paragraph 3 will be amended to clarify treatment of administrative operations
related to the issuance of new shares.
(h) The Attachment, Management Fee Paid to the Asset Management Company, will beamended to reduce the current Management Fee II that can move around based uponchanges in the depreciation amount of the REIT’s assets, and to add a new sub-set ofManagement Fee II that is linked to changes in the REIT’s total dividend.
(i) Other than the above, revisions have been made to organize the articles and to clarify
expressions.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2Below are the proposed changes to the Articles of Incorporation.
(Amendments are underlined)
Before Amendment

After Amendment

Article 1 Corporate Name
The name of the Investment Corporation is
Ichigo Real Estate Investment Corporation.

Article 1 Corporate Name
The name of the Investment Corporation is
Ichigo Office REIT Investment Corporation.

Section VI Investment Assets and Policies

Section VI Investment Assets and Policies

Article 30 Investment Policy

Article 30 Investment Policy

1. The Investment Corporation shall invest in
Real Estate used as offices, residential
facilities, commercial and retail facilities, orhotel accommodation located primarily incentral Tokyo, but also in the greater Tokyo
metropolitan area, ordinance-designatedcities and prefectural capital cities.

1. The Investment Corporation shall invest in
Real Estate (as defined in Article 31
Paragraph 2) that are mainly used as offices
and real estate-backed securities (as definedin Article 31 Paragraph 3) pertaining to suchoffice real estate located primarily in central
Tokyo, but also in the greater Tokyo
metropolitan area, ordinance-designatedcities and prefectural capital cities. Realestate that is not mainly used as offices andreal estate-backed securities pertaining tosuch real estate owned as of September 5,2015 may be held.
2. Notwithstanding the provisions of thepreceding paragraph, the Investment
Corporation shall implement measures whenshareholder interest is at risk due to asudden volatility and unexpectedcircumstances due to market conditions,
economic climate, and in the real estatemarket.
3. (no change)
4. (no change)(deleted)(newly added)

2. (omitted)
3. (omitted)
4. The ratio of real estate-related assets (realestate based on Paragraph 3 (i),(ii),(v) of
Article 37 of Calculation Rules for
Investment Corporations (Cabinet Office
Ordinance No.47 of 2006, as amended),leasehold rights, assets prescribed in the
Article, surface rights, easements, and trust
beneficiary interest) accounting for total
asset value shall be no less than 70%.
5. (omitted)

5. (no change)

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

3

Before Amendment
Article 31 Types, Purpose, and Scope ofAssets to be Managed

After Amendment
Article 31 Types, Purpose, and Scope ofAssets to be Managed

1. (omitted)
2. Real Estate in these Articles ofIncorporation (except for Article 30,
Paragraph 4) means the following assets:(1) assets including real estate(2) easements;

1. (no change)
2. Real Estate in these Articles ofIncorporation means the following assets:(1) real estate(2) leasehold rights;(3) surface rights;(4) Trust beneficiary interests which are
principally real estate, leasehold rights inreal estate, surface rights, or easements(including comprehensive trusts which
are principally real estate and cash
incidental to the real estate);(3) trust beneficiary interests which are
principally real estate, leasehold rights inreal estate, surface rights, or easements
listed in above (1) (including
comprehensive trusts which are
principally real estate and cash
incidental to the real estate);(4) beneficiary interests in monetary trusts,
of which the purpose is to manage thetrust assets through investing mainly inthe assets listed above (1) and (2)(5) (omitted)(6) (omitted)(5) beneficiary interests in monetary trusts,
of which the purpose is to manage thetrust assets through investing mainly inthe assets listed above (4), (5), and (7).
(6) (no change)(7) (no change)

3. (omitted)(1)-(3) (omitted)(4) beneficiary certificates of specified
purpose trusts (as defined in Article 2,
Paragraph 15 of the Asset SecuritizationAct) (except for those assets falling underItems (1), (3), (4), or (6) of the preceding
Paragraph).
4. (omitted)(1)-(3) (omitted)(4) securities (as defined in Article 3, Item(1) of the Enforcement Order of the Act
on Investment Trusts and Investment
Corporations (Cabinet Order No. 480 of
2000, as amended) (the “Enforcement
Order of the Investment Trust Act”), but
except for those falling under Items(1),(3) and (6) of Paragraph 2, Items ofpreceding Paragraph, Item (5) and (8) of
this Paragraph, and Items (1), (7), and (8)of Paragraph 5);(5) Shares of real estate managementcompanies (provided that the actual
purpose is to invest in real estate-related
assets or is associated to or related to theinvestment.)

3. (no change)(1)-(3) (no change)(4) beneficiary certificates of specified
purpose trusts (as defined in Article 2,
Paragraph 15 of the Asset SecuritizationAct) (except for those assets falling underItems (4), (5), or (7) of the preceding
Paragraph).
4. (no change)(1)-(3) (no change)(4) securities (as defined in Article 3, Item(1) of the Enforcement Order of the Act
on Investment Trusts and Investment
Corporations (Cabinet Order No. 480 of
2000, as amended) (the “Enforcement
Order of the Investment Trust Act”), but
except for those falling under Items(4)and (7) of Paragraph 2, Items ofpreceding Paragraph, Item (5) and (9) of
this Paragraph, and Items (1), (8), and (9)of Paragraph 5);(5) Shares of real estate holding companies
and real estate management companies(provided that the actual purpose is toinvest in real estate-related assets or isassociated to or related to the investment.)

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

4

Before Amendment(6)-(7) (omitted)(newly added)

5.

After Amendment(6)-(7) (no change)(8) Renewable energy plants (prescribed in
Enforcement Order of the Act on
Investment Trusts and Investment
Corporations, Article 3 Paragraph 11)(9) (no change)
5. (no change)(1)-(5) (no change)(6) Movables prescribed in the Civil Code(Act No.89 of 1896, “Code”) limited toequipment, installments, and those affixed
to the real estate for structural or use
purposes (but notwithstanding assets
prescribed in Paragraph 8).
(7) easements(8)-(12) (no change)
6. (no change)(8) (omitted)(omitted)(1)-(5) (omitted)(6) Movables prescribed in the Civil Code(Act No.89 of 1896, “Code”) limited toequipments, installments, and those
affixed to the real estate for structural oruse purposes.

(newly added)(7)-(11) (omitted)
6. (omitted)
Section VII Asset Valuation

Section VII Asset Valuation

Article 34 Methods, Criteria, and Reference
Dates for Valuing Assets
1. (omitted)(1) Real estate, leasehold, surface right andeasement as provided for in Article 31,
Paragraph 2 Items (1) and (2)(omitted)(2) Trust beneficiary interests which are
principally real estate, leaseholds, surface
rights, or easements as provided for in
Article 31, Paragraph 2 Items 1 and 3(omitted)(3) Beneficiary interests in monetary trusts
whose purpose is to invest in and manage
real estate, leaseholds, surface rights, oreasements as provided for in Article 31,
Paragraph 2, Item (4)Article 34 Methods, Criteria, and Reference
Dates for Valuing Assets
1. (no change)(1) Real estate, leasehold, and surface rightas provided for in Article 31, Paragraph 2
Items (1) through (3)(no change)(2) Trust beneficiary interests the principal ofwhich is real estate, leasehold, or surface
right as provided for in Article 31,
Paragraph 2, Item (4)(no change)(3) Beneficiary interests in monetary trusts
whose purpose is to invest in and manage
whose purpose is to invest in and manage
real estate, leaseholds, or surface rights asprovided for in Article 31, Paragraph 2,
Item (5)(no change)(4) Silent Partnership Interests Concerning
Real Estate as provided for in Article 31,
Paragraph 2, Item (6)(no change)(5) Beneficiary interests in monetary trusts
whose purpose is to manage the trust
assets through investment primarily insilent partnership interests concerning
real estate as provided for in Article 31,
Paragraph 2, Item (7)(omitted)(4) Silent Partnership Interests Concerning
Real Estate as provided for in Article 31,
Paragraph 2, Item (5)(omitted)(5) Beneficiary interests in monetary trusts
whose purpose is to manage the trust
assets through investment primarily insilent partnership interests concerning
real estate as provided for in Article 31,
Paragraph 2, Item (6)Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

5

Before Amendment(omitted)(6)-(8) (omitted)(9) Beneficiary interests in monetary trusts
provided for in Article 31 Paragraph 4
Item (8)(omitted)
2. (omitted)(1) Real estate, leaseholds, surface rights, andeasements(omitted)(2) Trust beneficiary interests and silent
partnership interests concerning realestate, leaseholds, surface rights, oreasements(omitted)

After Amendment(no change)(6)-(8) (no change)(9) Beneficiary interests in monetary trusts
provided for in Article 31 Paragraph 4
Item (9)(no change)
2. (no changed)(1) Real estate, leaseholds, and surface rights

Section IX Calculation

Section IX Calculation

Article 37 Dividend Distribution Policy(1) Distribution of earnings(omitted)(2) Distribution in excess of earnings
Investment Corporation shall distribute an
amount in excess of the distributableamount if the distributable amount does
not exceed 90% of the distributableearning or if the Investment Company
determines it to be appropriate, up to theamount prescribed in the rules of theInvestment Trusts Association.
(the rest is omitted)

Article 37 Dividend Distribution Policy(1) Distribution of earnings(no change)(2) Distribution in excess of earnings
Investment Corporation shall distribute an
amount in excess of the distributableamount if the distributable amount does
not exceed 90% of the distributableearning or if the Investment Company
determines it to be appropriate or if theInvestment Company can reduce its
corporate income tax up to the amountprescribed in the rules of the Investment
Trusts Association.
(the rest is unchanged)

Section X Delegation of Business and Services

Section X Delegation of Business and Services

Article 39 Delegation of Business andServices1 & 2 (omitted)
3. The services relating to offerings of shares,
bonds issued by the Investment Corporation,
maintenance of the bondholders list, otheradministrative work related to the
preparation of the bondholders list,
administrative work related to the issuanceof bonds, administrative work related tobonds, and administrative work related to

Article 39 Delegation of Business andServices1 & 2 (no change)
3. The services relating to offering of shares,
bonds and gratis allotment of stockacquisition rights issued by the Investment
Corporation, maintenance of the allottee list
and bondholders list, other administrative
work related to the preparation of allottee
and bondholder lists, administrative work
related to the issuance of investment(no change)(2) Trust beneficiary interests and silent
partnership interests concerning realestate, leaseholds, or surface rights(no change)

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

6

Before Amendment
the bondholders (as provided for in Article
169 Paragraph 2 Items (4) and (5) of the
Enforcement Order of the Act on Investment
Trusts and Investment Corporations) are
delegated to the administrative agent
approved by Board of Directors, asnecessary.

After Amendment
securities, stock acquisition rights, andbonds, administrative work related toallottees and bondholders, andadministrative work related to theacquisition of shares issued by theInvestment Company (as provided for in the
Enforcement Order of the Act on
Investment Trusts and Investment
Corporations) are delegated to theadministrative agent approved by Board of
Directors, as necessary.

Article 40 Expenses
The Investment Corporation will bear all
expenses that incur from the issuance of newshares and other asset management operations.
(1) Expenses incurring from issuance of newshares(2) – (12) (omitted)

Article 40 Expenses
The Investment Corporation will bear all
expenses that incur from the issuance of newshares and other asset management operations.
(1) Expenses incurring from issuance of newshares, the allotment of stock acquisitionrights, and the issuance of bonds(2) – (12) (no change)

Attachments

Attachments

Structure of Fee Paid to
the Asset Management Company

Structure of Fee Paid to
the Asset Management Company(omitted)(no change)

1. Management Fee I(omitted)

1. Management Fee I(no change)

Management Fee II
Fee shall be the recurring cash flow foreach period multiplied by a maximum of
3.00%. Recurring cash flow (“CF”) is
defined as recurring profit as recorded on
the Investment Corporation’s income
statement plus depreciation and deferred
depreciation, excluding any gains/losses
on asset sales andrevaluations/impairments that impacted
recurring profit. (Asset sales andrevaluations/impairments that are recordedon an extraordinary basis do not impact
recurring profit and are thus not part ofthis CF calculation.)Management Fee II(1) Recurring Cash Flow-BasedFee shall be the recurring cash flow foreach period multiplied by a maximum of
2.0%. Recurring cash flow (“CF”) is
defined as recurring profit as recorded on
the Investment Corporation’s income
statement plus depreciation and deferred
depreciation, excluding any gains/losses
on asset sales andrevaluations/impairments that impacted
recurring profit. (Asset sales andrevaluations/impairments that are recordedon an extraordinary basis do not impact
recurring profit and are thus not part ofthis CF calculation.)

Calculation of Management Fee II shall bebased on CF before deduction ofManagement Fee I, Management Fee II,
and incentive fee.

Calculation of Management Fee II shall bebased on CF before deduction ofManagement Fee I, Management Fee II(recurring cash flow-based and total

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

7

Before Amendment

After Amendment
dividend-based), and incentive fee.
(2) Total Dividend-BasedFee shall be the dividend amount for eachperiod multiplied by a maximum of
2.0%. The dividend amount refers to
dividends recorded on the Investment
Corporation’s income statement.
Payment of fee shall be completed within
3 months after each fiscal period of theInvestment Corporation.

Payment of fee shall be completed within
3 months after each fiscal period of theInvestment Corporation.

2. Schedule
July 14, 2015
July 16, 2015
August 14, 2015
September 5, 2015

Board of Directors resolution
Shareholder meeting record date
Shareholder meeting notice release (expected)
Shareholder meeting (expected)(Note) Ichigo REIT will submit a report in accordance with Article 191 of the Act on
Investment Trusts and Investment Corporations immediately upon approval (if so) at
the shareholder meeting.
3. Other
Ichigo Real Estate Investment Advisors Co., Ltd., the asset management company of Ichigo
REIT, has decided upon a partial amendment to its operational procedures and management
guidelines and the segregation of operations between Ichigo Office REIT and Ichigo Hotel
REIT, subject to approval at the September Ichigo REIT shareholder meeting of the partial
amendment to Ichigo REIT’s Articles of Incorporation, as announced in today’s releases“Ichigo Hotel REIT Establishment and Filing of Report for Changes in Operational
Procedures” and “Partial Amendment to Management Guidelines of Asset Management
Company.”

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding Partial Amendment to Articles of Incorporation by Ichigo
Real Estate Investment Corporation, and has not been prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment
Corporation's prospectus and notice of amendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

8